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Dec 31, 2012 2:00am PST
if they hold it up, past january 1, the first bill the democrats will introduce, ar te the obama tax cuts and he proposes to relower the rates -- >> if they don't do something the taxes go up for everybody. >> yes. and the president proposes relowering them to somewhere near bush rates for everybody under 250 and the republicans don't want to be in a position of stopping that. >> chris: but why, byron, were they unable to do anything about the real problem? i mean -- if you take the amount 0 -- say, 400,000, it would be $600 billion increase in revenue to the government, over the next ten years. $600 billion, in terms of a deficit of $16 trillion, going up, by another 2.5, $3 trillion in the next ten years is peanuts. >> you heard lindsay graham talk about entitlement reform and the debt ceiling issue but if you look at -- among democrats, especially, further to the left, since the election, their feeling has been, president obama won, we will not take this out of seniors, we will not take it out of medicare, we will not take it out of social security. no cuts, and those things and that p
Dec 28, 2012 4:00pm EST
, obama says my plan is that if you make less than $200,000 you'll see no income tax increase next year, so obama's new commitment is only the income tax, only for one year. >> right. >> and, of course, we're all paying higher taxes in january because of obama care. >> okay. >> taxes on capital gains. >> let me ask you this though, grover. i can imagine you wear it as a badge of honor to this the senate majority leader on the floor of the senate invoking your name in frustration because there are people on the republican side who are, you know, following your -- your lead to not raise taxes, but let's face it. you were in -- you were imposing this no higher tax in a different era, at a different time, in a different part of the economic cycle. aren't we at a point now economically where there has to be some mechanism of revenue raising to try and solve the debt crisis? yes, i know you're going to talk about spending cuts. that's important as well, but you've got to balance the budget in some way, and it's got to include some form of a tax increase, not just on million dollar earners, ag
Dec 28, 2012 6:00am EST
. let's write a new book. by the way, those are now going to be called the obama tax cuts. i'm calling it first. the obama tax cuts. he's going to write a tax cut bill, send it up to the hill, and they're going to pass it. >> expires on january 2nd. >> do we make them permanent, jimmy? 98% of them will be made permanent? >> i hope not. that is not the job of the government. the government's job is to raise taxes and to lower taxes when our economy needs it. that's what the senate does. john breaux, former senator john breaux from louisiana sat on the floor during the 2001 tax bill and said our job is to raise taxes when they need to be raised and lower them when they need to be lowered. that's the senate and the house's job. >> but, one man's -- is another man's -- if you look at the laugher curve you don't know when to raise and when to lower at this point. >> president obama kept bush's taxes in for two years. >> i know. >> but suddenly, you know, democrats like you love the 98%, and you hate the 2%. it's very weird. >> tell him, joe. >> don't hate the 2%. i'm not a self-loathing hat
Dec 27, 2012 5:00pm EST
, doesn't it make sense for each party to go over? because then obama gets the tax increase that he wanted, right? the republicans aren't seen by their constituency of giving into the tax increase and then they start from there, anew, and you can bring it down to the middle class tax cut. so, why isn't that the way it's going to be playing out and the meeting by the house on sunday, just optic. obama coming back, just optics. >> well, like i said a couple of minutes ago, it's the relief rally versus the negative impact of the fiscal cliff. in other words, the recession their forces in the cliff, so, you picture two, like a sea change. the relief rally where it's going to happen, when we get a deal. then you have the recession their forces of the cliff right after that, so, you can see those two forces. i've been looking -- >> stocks can trade up during a recession. not when you're going into it. as you see going out of it. >> but it's still $130 billion of new taxes that are hitting the economy. maybe 150. i'm looking at two-month vices future versus the eight-month and i've been tracking
FOX News
Dec 28, 2012 3:00am PST
combined mpg c-max hybrid. >> julia: in four days several taxes tied to obama care will go in to effect including the medical device tax. healther found out it is about to impact every american. good to see you. >> that is right. this will pact every consumer. a new tax coming out. the tax will be put on devices that range from mri's to prosthetics and items in every doctor's office and veterinary offices. it will be passed alongg to consumers and manufacturers say it will result in job loss and stifle innovation and upon send jobs over seas. we went to one manufacturer. adm electronics that employs 19 people to ask them what it means for their industry. >> your company is about to be hit with a 2.3 percent tax on medical devices. >> it means more. it is on gross sales and that can hurt the number of people working for us and number of sales and increase the costs of our device. >> this is a family run business and been in business 40 years. how does it plea out for your company? >> we tried not to lose our employees because we are like family and the devastating impact we may not be ab
Dec 28, 2012 7:00pm EST
the absence of spending cuts on president obama and they know the taxes will go up anyway regardless of what they do if they don't pass anything and they would make the argument they would limit the tax cut and speaker boehner has made the same argument. >> thank you so much. we want to show people what is going on with the after markets because even though john says people are optimistic the markets are not optimistic. right now if the dow jones industrial average were to open at this moment it would be down 315 points. that's a reflection of the futures trading that happens in the after-hours. we'll see how asia opens on monday and right now the markets do not like what they see. they are not optimistic at this point and maybe if a mini deal gets done, a mini deal is not enough to deal with what the country faces. after all of this time the president still wants congress to come up with a plan instead of assuming the leadership mantle himself. let's talk to a member of congress about that. james langford serves in the house budget committee and he joins me now. sir, have you conceded you'r
Dec 30, 2012 2:00pm PST
obama wants higher taxes on the wealthy, stimulus spending, limited cuts to entitlements, and speaker boehner wants limited tax increases and keep his job. bob, which -- where do we go from here if a deal isn't hashed out in the next few hours? >> not necessarily in that order. i think the priorities for john boehner may have been turned around. jared is an old jazz fan, as am i, and he knows that miles davis had a song called "so what" and i think that might be the background music right now as all the posturing is going on in public. the simple fact of the matter is that they are setting up the process for working out a deal after they have scared the daylights out of everybody, and it would seem to me that to quote another song, which is "what are you going to be doing new year's eve," i think that we'll be finding that these people are still hard at it and maybe calling congress into session tomorrow night which is a really rotten way to end the year. >> jared, explain for our viewers what it really means to go over the cliff. >> well, first of all, as a former jazz bassist i have
Dec 30, 2012 5:00pm PST
, talking to staffers on the hill, trying to get some movement in this process. now, president obama, taking real will a tough line on that issue of taxes, it's the big sticking point, has been all along and past negotiations, of course president obama has been criticized by democrats who say that he's given in too quickly on the issue of taxes. of course he campaigned on the issue of raising taxes on wealthier americans. so this time he's not backing down. so these negotiations have really been centered, to some extent, on that issue of taxes. the president really using his bully pulpit to try to pressure congress, congressional republicans, making a number of public appearances, include, of course, during that exclusive interview on "meet the press" today when he said that republicans are to blame for this fiscal cliff stalemate. chris? >> kristin welker, thanks to you and thanks to nbc's kelly o'donnell on the hill as well. more ahead this hour as we continue to cover the ongoing negotiations on the hill. why a small deal now would set up a big fight later. more on secretary of state hill
Dec 30, 2012 9:00am EST
to the death tax. six of the wealthiest estates are the difference between what president obama warrants and jon kyl wants, $119 billion over ten years. for those 600,000 estates to give $119 billion away and instead take it out on cuts on medicare and roads and education is unconscionable. >> the bigger picture for a second. we've known for two years that these tax cuts would be expiring the day after tomorrow or the end of the day tomorrow. we've known these automatic cuts, the so-called -- this was going to be happening for more than a year. respect you a little embarrassed as leaders in the congress that it has gotten to this point that tomorrow is new year's eve, the day it all expires and you still don't have an agreement? we've been having this argument for two years. >> it is embarrassing but almost every disagreement we've this is not because of a senate where we've had lots of -- we've come to agreement on many things. there are 50 hard right people in the house who don't want to compromise. they don't believe in any revenues, they say compromise is a dirty word and speaker boe
Dec 24, 2012 7:00am EST
off to hawaii, president obama was prepared to accept a smaller deal as long as it prevented taxes from going up on middle class americans and extended unemployment insurance. >> i expect democrats and republicans to get back to washington and have it pass both chambers, and i will immediately sign that legislation into law before january 1st of next year. >> reporter: but americans say the uncertainty in washington is casting a cloud over their holidays. >> they are responsible for the well-being of all americans, and right now they're more woern wored about politics. >> i would tell them to get off their butts, because most of us aren't making six-figure incomes and we need every single dime that we have. >> reporter: now, if we go over the fiscal cliff, taxes will increase for most americans. lawmakers will return to washington later this week to resume negotiations. president obama is also expected to cut his vacation short. willie, back to you. >> kristen welker in honolulu this morning. thanks. >>> john harwood is the chief washington correspondent and writing for "the new yo
Dec 26, 2012 6:00am EST
. >> right. do you macro look at the obama care taxes as being a headwind? >> sure. it's 3.8% on not marginal income tax rates. it's unearned income. but whether it's medical device tax, a question i was going to have for les is whether he sees any delays. do you see any delays in any of the implementations of these. obviously whether it's in minnesota with respect to the medical device tax, senators are talking about delaying implementation until they study this further. do you see that happening? >> seems unlikely. i mean, i know as an ex-minnesotan that they would love to see this tax go away. i'm not sure that that's in the cards. i think it's a fait accompli. it will take longer than people think leading to chaos. in 2014, states that don't expand to medicaid, it's going to leave people in the hole in 2014. i'm not sure how these people will afford insurance without the subsidies. that's 2014, we'll come back next year and worry about that. >> pharma tech has nothing to do with obama care. >> absolutely not. that's why it's done well, between drugs and interest rates. >> so it had nothin
Dec 24, 2012 6:00am EST
for. payroll tax, that's $160 million. we have obama care taxes. we know those are going through. >> the payroll tax number going up again? >> payroll tax, i think they're not going to extend it. so that goes up -- >> sooner or later they have to go up. >> that's $160 billion -- >> don't we need that money? >> funding social security. so it's very likely that that tax cut will not be extended into the new year. so there's a chance you have a mild recession, even in real terms, in the first half of next year. the good news, i think, my big prediction, i've had for awhile for whatever it's worth, i think we're developing a new nifty 50 in this country of very, very strong companies that are almost bond proxies. and i know a lot of people think they're expensive, but there's no other alternative. there's no other place to go. >> is the market priced appropriately for your estimation -- >> no, i don't think. >> for the first half of 2013. >> if you look at bottom of analyst estimates for 2013 they're still using 113, 114 for operating earnings, an 11% increase. that's with profit mar
Dec 29, 2012 7:00am EST
obama promised in his campaign to lower the corporate tax rate, which i believe would bring some corporations back to set up their factories of in america and said of china, india, brazil. it just seems like congress and our leaders in general are trying to bring america down equal to the other nations of the world. i believe it is all headed for a one world government. they have to knock america down before they can get us equal with the other countries in the world. we are building the other countries up. it's a cinch to me like our leaders reject i agree with the last caller, there should be term limits. after they are in there so long, their interest is not in helping america. it seems to me like they are positioning for money in their own pockets or they become lobbyists. this secreted a law that they should not be able to become lobbyists for a few years sucker they leave congress or senate. they need to just bring america back up. if it would bring more jobs back to america, then we would have more taxes to be collected. host: more in the financial times this morning. capi
Dec 30, 2012 5:00am PST
, the budget impact will be as obama care gets implemented. the president to ris credit ran on tier taxes for the rich. he said he was going to do it and now he won the election and he's doing it. if they raise taxes on those 400 thigh, or million, it is a tax increase but that's an issue that they'll have to fight out. that 1990 budget tax increase still scars the republican party today. two decades later. they learned lessons, remember that george h.w. bush who we're glad to hear is recovering, was defeated running for re-election. that memory lasts a long time. >> the neerk times sa"the new yd it's been a long time. we have congressman keith from minnesota. from you're standpoint and from the standpoint of the house progressive caucus is there a bottom line? if the threshold is too high you won't support a deal? >> well, there are bottom lines. but the most important bottom line is -- no cuts to social security beneficiaries, medicare, medicaid beneficiaries. we need the defense department -- defense is going to have to share in what everybody cuts we see. the most well to-do people ar
Dec 28, 2012 2:00pm PST
can sell this to either their base or to the house at least as a tax cut, not a rise in taxes? >> chuck schumer brought up a good point. a key moment of these entire negotiations came on wednesday night when president obama calls mitch mcconnell, bring the republican leader in the process. what happens now is very important. as sam said, they'll be negotiating today and over the weekend in the senate. and if this $250,000 comes to the floor, if a few republicans attach themselves to what reid and obama agree to, then that means when it pose gophers to the house it has a much better chance of attracting republican support. if mitch mcconnell aligns republicans and tells everyone to oppose it in the senate republican conference, the chances of it succeeding in the house are pretty low. >> sam, is this the end of the road for grover norquist and his pledge? >> it's odd because grover was the one sort of outside government institution on the conservative side who agreed with speaker boehner's plan "b" which would have allowed taxes to go up above $1 million in income. all the othe
Dec 26, 2012 9:00pm PST
's capitol senators will meet tomorrow in ongoing effort to avoid the fiscal cliff. president obama is about to end his family vacation in hawaii and will arrive in washington early tomorrow to deal with the tax increases and spending cuts that are due to take effect next week. no official fiscal cliff negotiations between republicans and democrats have been scheduled. not a great deal of progress. >>> with the government right on the edge now of that fiscal cliff, taxpayers are facing a lot of uncertainty as we head into the new year and for many of us the usual year-end financial strategies simply may not apply this year. 7 on your side's michael finney sorts out some of the confusion. >> reporter: when it comes to year end finances the old rules may not add up this year. >> it is difficult to do any type of tax planning and advising because nobody really knows exactly what is going to happen. >> much of the uncertainty centers around whether the united states is about to fall off that a fiscal cliff. if that happens, that would mean the end of the temporary payroll tax cuts. even if that
Dec 30, 2012 8:00am PST
of that depends upon whether president obama is willing to compromise this sort of fixation with raising taxes above anybody making more than $200,000 a year. >> reed and mcconnell are both very good leaders and vote counters. if they come to an agreement, they know that they will be able to carry a majority of each of their troops. the real question mark is the house. the house is a bit out of control. they're the reason we've had the problems all along but my guess, if the house and senate agree and leader mcconnell agrees, the house will go along with it too. >> senator -- >> i would just say it is not out of control to want to do something about our runaway spending in our country. >> you've got to compromise. you've got to compromise. >> senator schumer, senator kyl, thank you very much for joining us and i hope you are right to be optimistic. >>> up next the house has its say. are they ready to vote yes on a potential deal that may come from the senate? >>> plus, our powerhouse roundtable waiting in the wings their take on the toxic environment in washington, the fiscal cliff and their p
Dec 25, 2012 5:30pm PST
house and congressional leaders to reach a budget deal to avoid tax increases for nearly every american. president obama is on vacation in hawaii, and that's where we find nancy cordes tonight. nancy, what can you tell us? >> well, jim, still no conversations today between owmocrats and republicans on how to avert the fiscal cliff, which is a sure sign that the senate majority leader, harry reid, a democrat, is working on crafting legislation on his own that he would essentially dare house and senate republicans to oppose. his legislation would likely extend the bush-era tax cuts for households making less than 250,000 a year. it might also include enough short-term spending cuts to temporarily offset for, say, six or eight months, the indiscriminate across-the-board spending cuts that are set to go into effect on january 1. yis bill would also try to tie up some year-end loose ends by extending long-term unemployment benefits, patching the alternative minimum tax that duds up hitting so many middle class families, and preventing a mbg scheduled drop-off in thdicare reimbursement rates
Dec 28, 2012 4:00pm PST
on taxes. speaking in the white house briefing room, president obama condemned congress for failing to resolve its differences in any normal way. >> christin, let's take a listen to what the president said about the up or down vote about what he expects to emerge from the senate. >> i just had a good and constructive discussion here at the white house with senate and house leadership about how to prevent this tax hike on the middle class. i'm optimistic. if an agreement isn't reached in time, between senate store reid and senator mcconnell, then i will urge senator reid to bring to the floor a basic package for an up or down vote. i believe such a proposal could pass with bipartisan majorities. >> this up or down vote seems to be the big news of the day. isn't this what the white house wanted all along? >> well, it is. it's president's obama's way of sayi ining vote on his basic proposal. it would extend in employment insurance ben filt fits and deal with unemployment insurance cuts. >> so the question is, could they actually get that many republicans to vote for this package that t
Dec 29, 2012 3:32pm EST
% raised the child tax credit. there is still time to act. both president obama and senator harry reid claim that an achievable plan is one that can pass both houses of congress. republicans agree. the republican controlled house has taken a step in the right direction. the house has already passed bills to protect all americans from burdensome tax increases. in addition, the pass legislation to replace a damaging, across-the-board spending cuts with responsible, targeted ones, and to bring our nation's record debt under control. but instead of working across the aisle and considering the house passed a plan to protect taxpayers, senate democrats spent months throwing partisan lines -- dry partisan lines in the sand. the president pulls a proposal to raise taxes on the top 2.2% of americans will not pay one- third of the interest owed on this massive $16 trillion debt. the tax hike would only fund the government for eight days. americans deserve to know, what does the president propose we do for the other 357 days of the year? inaction should not be an option. the problems facing our c
Dec 28, 2012 5:30pm PST
. the average american household would see their tax bill go up nearly $3,500. this evening, president obama telling congress, the american people are watching what we're doing here. he appeared in the briefing room a short time ago. let's go right to jon carl tonight. good evening. >> reporter: good evening, david. there are finally signs of life here in washington. after meeting with congressional leaders here at the white house, the president pronounced himself modestly optimistic that a bipartisan agreement can finally be struck that would prevent taxes from going up on virtually everybody in just four days. after meeting with the congressional leaders, the president said there would be one more effort to come to a bipartisan agreement to avoid the fiscal cliff. >> the hour for immediate action is here. it is now. and the american people are not going to have any patience for a politically, self-inflicted wound to our economy. >> reporter: there are signs of progress. mitch mcconnell and harry reid have agreed to spend the next 24 hours trying to come to a bipartisan agreement on a small
Dec 26, 2012 3:00pm EST
to a close, the head of aetna is back with us winding up for higher taxes in 2013 thanks to obama care. wait until you hear how high he thinks they could go. you're watching cnbc, first in business worldwide. is the best. i don't have to leave my desk and get up and go to the post office anymore. [ male announcer ] with you can print real u.s. postage for all your letters and packages. i have exactly the amount of postage i need, the instant i need it. can you print only stamps? no... first class. priority mail. certified. international. and the mail man picks it up. i don't leave the shop anymore. [ male announcer ] get a 4 week trial plus $100 in extras including postage and a digital scale. go to and never go to the post office again. >>> well, we're getting numbers in. turns out retailers saw the weakest holiday season since 2008 hurt by bad weather and more uncertainty about the rising tax increases that could come next year. we're wondering if the concerns will continue to keep shoppers from spending into 2013. >> let's ask our guests. ladies, thanks
FOX News
Dec 26, 2012 6:00am PST
no deal's reached, barack obama and democrats immediately propose to relower the tax rates to bush levels for all but the top 2%, and republicans find themselves opposing it on behalf of their millionaire friends will be the democratic charge. so that's kind of a nightmare scenario for democrats, and it's why you saw john boehner, speaker of the house, offer to raise taxes on americans who mange more than $1 million a year. patti ann: yeah. so the idea, though, behind this fiscal cliff is that it was supposed to have items in it that were unacceptable to both sides so that both sides would be motivated to not go over that cliff with the understanding that they might not be able to fix it all with legislation after the fact. so are there items in there that democrats would really not want to see enacted with the fear that maybe they couldn't get them rolled back? >> well, you're right, but it wasn't quite equal. the two big disasters of the fiscal cliff are, one, tax cuts, tax rates going up for everybody, and, two, all of these automatic spending cuts in place. but democrats feel confiden
FOX News
Dec 30, 2012 3:00am PST
. >> juliet: president obama continues to push for tax hikes on the rich. and france lost a bid to raise taxes and he want today raise to 75%. now, there weren't a lot of people he was focused on, really not that much money, he was going to raise, but the fact is he wanted the french judicial council, however, said it would have been excessive and unconstitutional. joining us-- >> sorry, dave. >> dave: and for tax foundation from the heritage foundation. >> juliet: good morning, curtis. >> good morning. >> dave: what's the deal here, the decision made is not unconstitutional, but bottom line, bad for the economy? i think we can learn from this? >> that's right, the court has bailed them out. and the tax increase, 75% rate was going to really damage the french economy. the french economy's already strugglingling and adding on the economy would be worse. >> i'm looking at it, expected to be a temporary two year measure and affect 1500 people and raise less than 661 million dollars. >> but the revenue we brought in, and what it would have done, it would have reduced the incentives, and working an
Dec 27, 2012 4:00pm PST
, the most likely deal on the table seems to be that scaled-down proposal president obama suggested last fright. just to recap, extend tax cuts on household income under $250,000, that's 98% of americans. extend unemployment insurance. that's important. and likely extend the alternative minimum tax fix. but is this bared down plan something house republicans can really get behind? "outfront" tonight to answer that question, republican congressman tom mcclintock of california, a member of the house budget committee. mr. congressman, good to see you. could you back that scaled back plan to avoid going over the fiscal cliff? >> as i said all along, republicans don't want taxes to go up on anyone. if we have an impasse on january 1st, they go up on everyone. so at some point, i think that we republicans have got to realize that if we can't save everybody, we need to try to save as many people as possible. that's not advocating a tax increase. if a lifeguard sees ten people drowning off his beach and can only save nine of them, it doesn't mean he's drowned the tenth one. >> you're a strong, f
Dec 30, 2012 10:00am PST
to prevent massive spending cuts and tax hikes from kicking in january 1st. president obama appeared today on nbc's "meet the press" and said the cuts in spending need to be fairly distributed. >> what i'm not willing to do is to have the entire burden of deficit reduction rest on the shoulders of seniors making students pay a higher student loan rates, ruining our capacity to invest in things like basic research that help our economy grow. >> in news overseas the bodies of the dead are being carried away in syria today. at least 397 people were killed saturday. that is the deadliest day so far in the 21-month long civil war. another 52 died today. the joint u.n. arab league envoy said the situation is rapidly deteriorating but that a solution is still possible. >>> in massachusetts boston's mayor lifted a snow emergency a little earlier today. more than a foot of snow fell on several towns across that state overnight. crews are clearing tons of snow in the gillette stadium now preparing for the patriots/dolphins game this afternoon. >>> keep it here as the clock ticks to the fiscal cliff.
Dec 26, 2012 2:00pm PST
ought to get this done for the middle class. i think obama was saying to boehner look, i don't need to give that. >> $700 billion just for getting the middle class tax through. just for that. yeah. >> this is what he told his members in the congress. because of stories like this, that can paint the picture to the voters that obama's not playing ball. >> trying to explain this to somebody from pluto. say in australia now. saying when congress wrote the cliff, defined it, spend cuts, increases on income, tax increase on state. they wrote it up as this horrible thing that nobody would want to face. either side, right? they designed it that way. now they're walking right over that cliff. over niagra falls. explain. >> it's like congress is on pluto and we're all on earth. they say they want deficit reduction. if you go over the cliff, you get deficit reduction, you just don't get it in the responsible, accountable way. it's like chopping off on arm. >> like says i want a shower, i'm going to niagra falls. >> they still can't get it done. we're dysfunctional. no other explanation. >> i t
Dec 27, 2012 2:00am PST
of the fiscal cliff package that president obama laid out last week. that moved the tax hike needle to $400,000. no word on when the house might come back with time ticking away. democrats are hoping the scaled-back plan could get through the house, senate and white house before january 1st. sometime on december 30th, maybe even new year's eve is when they're probably going to get that deal done but let's go to jonathan allen, a senior washington correspondent for politico. the top headline on politico this morning, fiscal cliff deal increasingly unlikely. jonathan, really? >> i think there's a lot of pessimism here in washington. you've got, as you pointed out, five days left. i think the real indicator here is that none of these parties are moving off their position. the senate democrats, the house republicans, the white house. there hasn't been any reason for folks to look at what's going on and say, oh, i see where a deal could be coming together. so what you've got is what's described in economic game theory is where everyone has decided on their strategy, looked at the strategies of t
Dec 26, 2012 6:30pm EST
.s. >>> the cliffhanger over the budget impasse in waington. tonight, president obama cut short his vacation in hawaii, just six days before the deadline for big cuts and tax hikes. >>> the war next door. they say the borders are more secure than ever. but look what hidden cameras found on one man's land on this side of the border. drug smuggling, alive and well. >>> and fashion police. as retailers report on the all-important shopping season, we report on a trend you might have missed. just what do these mannequins see in you? "nightly news" begins now. >>> from nbc news world headquarters in new york, this is "nbc nightly news" with brian williams. >> good evening, i'm natalie morales in tonight for brian. and we begin with serious winter weather that is moving east. rain, snow and wind that is snarling a lot of travel plans for those trying to make it home from holiday travels. it is the same storm system that is responsible for at least three deaths and spawned record-setting tornadoes in the south over the past 24 hours. we have it all covered, and we begin with the experts who are always out in
Dec 26, 2012 7:00pm EST
of those bush tax rates into the future and would turn off the sequester by switching defense cuts over to domestic programs. democrats, of course have no intention of doing that. especially after president obama won the election. senate democratic leadership aide tells me that will remains a 50/50 chance we will get a mini deal temporary extension of tax cuts under $250,000 before the january 1 deadline when we would go over the cliff. will are no assurances of that. a white house official told me as president obama prepares to fly back to conduct and participate in the negotiations at the end, there has been no progress over the holiday weekend. michelle, i'm afraid that people who are looking for a deal and looking for a deal by december 31, all hope is not lost. it is not looking good at the moment. >> let's go back to this hitting the debt ceiling on monday. we learned of this because treasury secretary tim good night mother sent a letter to the honorable harry reid majority leader. and that's where he outline it is fact that in three business days, the summit government is going t
Dec 26, 2012 1:00pm PST
. and a mad scramble is on here in washington to avoid the drastic tax hikes and spending cuts that many fear will plunge the economy back into recession. president obama flies back from hawaii tonight to be ready if the senate comes back with a plan when it returns to work tomorrow. and house leaders are huddling with members on stand-by to return. senior congressional correspondent dana bash is following all of it for us. what are you hearing? >> there was a conference call of course members of the house leadership even, they're back in their districts, but there was a conference call today among those house republican leaders trying to figure out if and when the house should come back into session. two republican sources tell me they did not make a decision on this call. it's still up in the air. and a big reason for that is if anything can get done in the next six days, the ball is in the senate's court. the capitol is a ghost town. neither chamber in session. an eerie calm since the fiscal cliff only congress has the power to avert is less than one week away. from their home, senate demo
Dec 24, 2012 2:05am EST
'neill. obama needs to be ronald reagan. would vote for revenues, including tax rate hikes, even though i don't like them to save the country from becoming greece but i'm not going to set aside the 1.2 trillion in cuts. any hope of going over the fiscal cliff must start in the senate. not one democrat would support the idea that we could protect 99% of americans from a tax increase. boehner's plan b i thought made as soon as. to my republican kcolleagues, te the ronald reagan model is if you get 80% of what you want, that's a good day. i lime simpson-bowles. the president is going to get tax rate hikes. to my republican colleagues, if we can protect 99% of the public from a tax hike that, is not a tax increase in my book. chuck, maybe you and me and some other people in the senate can find a way to find this on the short term but on the long term there's not going to be a deal any time soon. >> you think we're going to go over the cliff? >> i think we're going to fall out of the fiscal tree. the big chance at the big deal is at the debt ceiling. that's when we'll have leverage to turn the cou
Dec 24, 2012 9:00am EST
looks like. the one on the table is still the old plan a. president obama's offer to raise taxes on the top 2%, restore the bush era tax cuts for the rest of us. yes there is talk about putting in spending cuts, raising medicare eligibility and changing the inflation measure for social security but that is still the one on the table. then there is the alternatives. the house passing that existing senate bill that's out there that would raise taxes on the top 2%. that doesn't include sequestration though. sequestration could happen so they have to either let it happen or insert some kind of stop-gap in there. the other one of course is just literally to extend everything for another month. extend all the cuts to the end of january and simply delay sequestration and of course that is the least desirable but that may be in fact the one that happens right now. let's move on and show you the market is still not very worried about it. the five-month high on an intraday basis on friday but still staying within that trading range that has been in for a while now. not really busting out a
Dec 27, 2012 4:00pm EST
. the bush era tax cuts will expire at the end of this year. obama was elected with a surplus of about 3 million votes. he won the election. he campaigned on this issue. again, the speaker can't take yes for an answer. the president has presented to him something that would prevent us from going over the cliff. it was in response to something the speaker gave to the president himself, but, again, i guess with the dysfunctional republican caucus in the house even the speaker can't tell what he's going to do because he backed off even his own proposal. mr. president, the house, we hear this so often, is controlled by the reap warnings and we acknowledge that. i would be most happy to move forward on something that senator mcconnell said they wouldn't filibuster over here that he would support and that boehner would support, if it were reasonable, but right now we haven't heard anything. i don't know, and it's none of my business, i guess, although i am very serious, if the speaker and the majority leader, the republican leader over here are even talking. i mean, what's going on here? mr. p
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Dec 27, 2012 8:00am PST
moderate republicans they are willing to vote for a tax rate increase which is exactly what president obama has asked for. but they won't do it unless there are significant spending cuts and the promise of entitlement reform on the table. democrats have really at this point been unwilling to go in that direction. they believe they made cuts a couple years ago that were significant, and the entitlement reform is something they're not really willing to negotiate on right now because they feel it would, you know, endanger seniors and the poor. so a lot of this really has to do with spending cuts. everybody's focused on the tax issue, but i believe really the key to compromise here is going to be watch what happens with the spending cuts. if they can get significant spending cuts and the promise of entitlement reform, that's when you'll see these negotiations really get going. jon: well, that seemed to be part of what john boehner was bringing forward, the plan b. his caucus was ready to go with the tax increases on, you know, high earners in this country. but they didn't seem to be getting eno
Dec 30, 2012 9:00am PST
of the story while leaders wrangle on the details, president obama made his first sunday show appearance in three years, sitting down with nbc's david gregory this morning to talk about the fiscal cliff. >> i'm arguing for maintaining tax cuts for 98% of americans. i don't think anybody would consider that some liberal left wing agenda. that used to be considered a republican mainstream agenda. >> joining me senator olympia sn snowe of maine. let me start with that. it does seem sort of counter intuitive to have republicans wanting to fight for tax hikes for no one and in that fight, being willing to allow tax hikes for everyone? >> you know, i would agree with that. obviously it is important to make sure that middle income america does not confront a tax increase at the beginning of next year, which is less than two days away. that is critical. the second part is, of course, is trying to address the spending cuts that are going to be crucial next year as well. more for the long-term debt reduction that i think republicans are talking about, but the bottom line is, we should pass this ta
Dec 27, 2012 5:30pm PST
the government could very well go over that fiscal cliff. now, just five days until everyone's taxes go up. how much for the average american family? here's our chief white house correspondent jon karl tonight. >> reporter: president obama cut short his hawaiian vacation, where storm clouds, real storm clouds, are gathering over the capitol. instead of deal making, it's name calling. the top democrat in the senate, accusing the republican speaker of the house of running a dictatorship. they say they haven't given up, but it sure sounds that way. >> i don't know, time-wise, how it can happen now. >> here we are, once again, at the end of the year, staring at a crisis we should have dealt with literally months ago. >> reporter: vice president biden made a rare appearance in the senate, not to negotiate -- >> i do. >> congratulations, senator. >> reporter: but to swear in a new democratic senator from hawaii. a vote the white house will need if the senate ever gets around to voting on a plan to avert the fiscal cliff. in the house, even less going on. the only hopeful words, from the house chaplai
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Dec 28, 2012 8:00am PST
to the white house this afternoon to meet there with president obama. lawmakers are increasingly looking at the period following the december 31st deadline we're told to come up with a fix to avoid massive tax hikes and spending cuts, affect lives of nearly every american many economists say could plunge the economy into another recession. chief white house correspondent ed henry live with the latest. so in this meeting, ed, is there any hope they will accomplish anything? >> reporter: well it is pretty low expectations, jon. what we're expecting when you talk to top officials of both parties the president will offer a scaled back plan, something he laid out lines friday before christmas here in the white house briefing room before he went to hawaii. where he said look, we have to scale back expectations. basically just extend middle class tax cuts. don't worry about the rates for everyone else. secondly extend unememployment insurance for about two million people who will be losing it a few days from now at the end of the year. finally he refer to possibility of smaller bit ever spendin
Dec 26, 2012 7:00am PST
, and chip reid is in washington. >> president obama will be arriving in washington tomorrow and both houses of congress will be back in session tomorrow. that will give them just five days to put together a deal to avoid the massive automatic tax hikes and spending cuts known as the fiscal cliff. >> president obama spent christmas day visiting with troops in hawaii. >> while back in washington uncertainty about the looming fiscal cliff continues. there has been to communication between republicans and democrats about how to avoid going over the cliff. before the christmas break, speaker john boehner was unable to get enough support from respects to pass his plan and help said it was up to the white house and the senate to avert the cliff. so now harry reid is believed to be crafting a plan of his own. it's expected to extend bush-era tax cuts. it would also include short-term spending cuts instead of the massive cuts that would occur if there is no deal. it would also patch up the alternative minimum tax that will hit even more middle class families and schedule a
Dec 26, 2012 6:30pm EST
obama is cutting his christmas vacation short to try to cut a deal as that fiscal cliff nears. now just six days until higher taxes for all americans. and tonight, a white house official is placing the burden of not getting a deal on leaders of congress. one official saying the hits from our economy are not coming from outside factors, they're coming from congressional stupidity. some members of congress do return tomorrow. these comments come just as barbara walters prepares for her "nightline" special tonight. her sitdown at the white house with the president and the first lady. tonight here, some rare personal questions answered about their own relationship and their girls. one of whom just got her first cell phone. >> reporter: i want to talk a bit about the girls. we have been rawatching them gr up from little girls to young ladies. now, malia recently got her first cell phone. do you monitor it? and see who she calls or who she texts? >> i give my daughter at this age, i give her a long rope. you know, and there is monitoring, because we have rules, but monitoring may be, you neve
Dec 26, 2012 4:00am PST
. >>> and vacation over, president obama cuts his trip to hawaii short but is there enough time to find a fiscal cliff compromise with republicans or will your taxes go up? on that note, good morning. i'm drew griffin. >> the question everyone wants answered. good morning, everybody, glad you're with us. i'm alina cho. soledad is off this morning. it's wednesday, december 26th. "starting point" begins right now. 8:00 in the east, our starting point a christmas to forget for millions of americans in the south and midwest, battling blizzard conditions and tornadoes. >> oh, my god, we need to go. it's right there. >> mobile, alabama, took a real beating overnight, a twister blowing transformers, and there are reports of extensive damage to homes, a high school, and a church. 200,000 people across the south are without power this morning. >> it came in behind the church right there, and then all green floors reent lighting and it was like popping transformers left and right and heard the crash and everything and the power went out. >> i prayed to god as loud as i could and i was just praying for my
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Dec 26, 2012 3:00am PST
aand shift it in 20 12 to avoid massuv tax increases in 2013. capitol curnly 14 -- 15. it is stocks and bonds and currently at 15 percent and president obama wants to raise it to 39 percent in >> yes, it will go back up to 39 percent andine that doesn't tell the full story. the obama care surcharge. it will rise up to 43.4 percent. it is a massive from year to year and explains why companies and ceo's are accelerating what does it mean for people going forward. we heard apple trying to bring a few job back to the united states. will this further push companies out of the united states? >> well, it will pub them out and do something worse. purpose of difdeppeds are corporations that are long on cash and distribute it to the shareholders can get it to the companies of tomorrow and don't have the money to grow and innovate . you are seeing it with las vegas sands. they announced a pay out and moved it up so they can save three and 31 million in taxes. you can see it with win-resorts. special dev dend so that steve wyn saved 21 million and larry elison third richardson accel brated difd
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